Decision Making MoneyScarcity Entre- preneurs Human Capital $100 $500 $400 $300 $200

Decision Making - $100 Reaching a conclusion after considering alternatives and their results.

Decision Making - $100 What is Decision Making?

Decision Making - $200 An amount that must be paid or spent to buy or obtain something. The effort, loss or sacrifice necessary to achieve or obtain something.

Decision Making - $200 What are costs?

Decision Making - $300 Monetary or non-monetary gain received because of an action taken or a decision made.

Decision Making - $300 What are benefits?

Decision Making - $400 People who use goods and services to satisfy their personal needs and not for resale or in the production of other goods and services.

Decision Making - $400 Who are consumers?

Decision Making - $500 The giving up of one benefit or advantage in order to gain another regarded as more favorable.

Decision Making - $500 What is a Trade-off?

Money - $100 Anything that is generally accepted as final payment for goods and services; serves as a medium of exchange, a store of value and a standard of value.

Money - $100 What is money?

Money - $200 Tangible objects that satisfy human wants.

Money - $200 What are goods?

Money - $300 Activities performed by people, firms, or government agencies to satisfy human wants.

Money - $300 What are services?

Money - $400 The money in circulation in any country.

Money - $400 What is currency?

Money - $500 Trading a good or service for another good or service, or for money.

Money - $500 What is exchange?

Scarcity - $100 Desires that can be satisfied by consuming or using a good or service.

Scarcity - $100 What are wants? *Remember: economists do not differentiate between wants and needs.

Scarcity - $200 The condition that exists because human wants exceed the capacity of available resources to satisfy those wants.

Scarcity - $200 What is scarcity?

Scarcity - $300 Gifts of nature that can be used to produce goods and services, for example: oceans, air, mineral deposits, forests and fields of land.

Scarcity - $300 What are natural resources?

Scarcity - $400 A characteristic of people who assume the risk of organizing productive resources to produce goods and services.

Scarcity - $400 What is entrepreneurship?

Scarcity - $500 Resources and goods made and used to produce other goods and services.

Scarcity - $500 What are capital goods?

Entrepreneurs - $100 One who draws upon his or her skills and initiative to launch a new business venture with the aim of making a profit.

Entrepreneurs - $100 What is an entrepreneur?

Entrepreneurs - $200 Income received for entrepreneurial skills and risk taking, calculated by subtracting all of a firms explicit and implicit costs from its total revenues.

Entrepreneurs - $200 What is profit?

Entrepreneurs - $300 Something manufactured or refined for sale.

Entrepreneurs - $300 What is a product?

Entrepreneurs - $400 The chance of losing money.

Entrepreneurs - $400 What is risk?

Entrepreneurs - $500 Any activity or organization that produces or exchanges goods or services for a profit.

Entrepreneurs - $500 What is (a) business?

Human Capital - $100 The health, education, experience, training, skills, and values of people. Also known as human resources.

Human Capital - $100 What is human capital?

Human Capital - $200 Payments for labor services that are directly tied to time worked, or to the number of units of output produced.

Human Capital - $200 What are wages?

Human Capital - $300 Payments earned by households for selling or renting their productive resources. May include salaries, wages, interest, and dividends.

Human Capital - $300 What is income?

Human Capital - $400 An increase in real output as measured by real GDP or per capita real GDP.

Human Capital - $400 Economic Growth

Human Capital - $500 The amount of output (goods and services) produced per unit of input (productive resources) used.

Human Capital - $500 What is productivity?